山金期货贵金属策略报告-20260331

1. Report Industry Investment Rating No information provided in the report. 2. Core Views of the Report - Today, precious metals showed a weak rebound. The main contract of Shanghai Gold rose 1.46%, the main contract of Shanghai Silver rose 3.41%, the main contract of platinum rose 0.16%, and the main contract of palladium rose 0.89% [1]. - In the short - term, regarding the risk of safe - haven, the geopolitical risks in the Middle East remain deadlocked; the US employment is strong, inflationary pressure persists, and the expectation of interest rate cuts is at a low level [1]. - In terms of the safe - haven attribute, Trump issued a new warning; Iran said the US peace proposal was "unrealistic". The Houthi armed forces "joined the war", more US troops arrived in the Middle East, the risk of the Iran war expanding increased, and the Middle East crisis may become long - term [1]. - In terms of the monetary attribute, Powell said that the Fed could "wait and see" how the war affects inflation and there was no need to take action for the time being. The US import prices in February had the largest increase in four years, suggesting that future inflation may accelerate. The Fed maintained the interest rate unchanged this month, stating that the Iran war made the policy outlook highly uncertain, expecting inflation to rise, the unemployment rate to remain stable, and to cut interest rates once this year. The probability of interest rate hikes reversed, and the bet on interest rate cuts was postponed to 2027. The US dollar index and US Treasury yields were under pressure at high levels [1]. - In terms of the commodity attribute, the geopolitical crisis in the Middle East has increased the global recession risk, suppressing the industrial demand prospects of other commodities. Silver is supported by tight supply; the demand for platinum - based catalysts in the platinum hydrogen energy industry is expected to be strong; the short - term demand for palladium remains resilient, but it faces long - term structural pressure from the fuel - vehicle market. The CRB commodity index fluctuated weakly, and the appreciation of the RMB was negative for domestic prices [1]. - It is expected that precious metals will be volatile and strong in the short term, oscillate at a low level in the medium term, and maintain a long - term upward trend [1]. 3. Summary by Directory 3.1 Gold - Strategy: For conservative investors, it is recommended to wait and see; for aggressive investors, high - selling and low - buying are recommended. It is advisable to manage positions well and set strict stop - loss and take - profit levels [2]. - Prices: The closing price of the Comex gold active contract was $4540.40 per ounce, up 0.42% from the previous day and 2.95% from the previous week. The London gold price was $4529.15 per ounce, up 0.56% from the previous day and 1.41% from the previous week. The closing price of the Shanghai Gold main contract was 1020.10 yuan per gram, up 0.51% from the previous day and 4.11% from the previous week. The closing price of the Gold T + D was 1015.68 yuan per gram, up 0.67% from the previous day and 3.85% from the previous week [2]. - Positions and Inventories: The position of Comex gold was 403,925 lots, down 2.42% from the previous week. The position of the Shanghai Gold main contract was 180,433 lots, down 0.29% from the previous day but up 12.83% from the previous week. The position of Gold TD was 45,964 lots, down 2.40% from the previous day and 2.91% from the previous week. The LBMA inventory was 9,210 tons, up 0.56% from the previous week. The Comex gold inventory was 1,000 tons, down 1.58% from the previous week. The Shanghai Gold inventory was 107 tons, up 1.82% from the previous day and 1.35% from the previous week [2]. - Net Position Ranking: The top 10 long - position holders in the Shanghai Gold futures of futures companies on the Shanghai Futures Exchange are led by Guotai Junan, and the top 10 short - position holders are led by Yunchang Futures [3]. 3.2 Silver - Strategy: For conservative investors, it is recommended to wait and see; for aggressive investors, high - selling and low - buying are recommended. It is advisable to manage positions well and set strict stop - loss and take - profit levels [4]. - Prices: The closing price of the Comex silver active contract was $70.18 per ounce, up 0.59% from the previous day and 1.24% from the previous week. The London silver price was $70.75 per ounce, up 4.36% from the previous day and 5.24% from the previous week. The closing price of the Shanghai Silver main contract was 18,126 yuan per kilogram, up 2.37% from the previous day and 6.09% from the previous week. The closing price of the Silver T + D was 18,031 yuan per kilogram, up 2.68% from the previous day and 5.04% from the previous week [4]. - Positions and Inventories: The position of Comex silver was 113,164 lots, down 1.39% from the previous week. The position of the Shanghai Silver main contract was 3,615,825 lots, up 3.07% from the previous day and 13.90% from the previous week. The position of Silver TD was 2,818,488 lots, down 0.76% from the previous day and 3.21% from the previous week. The LBMA inventory was 27,065 tons, down 2.39% from the previous week. The Comex silver inventory was 10,188 tons, down 1.36% from the previous week. The Shanghai Silver inventory was 369 tons, up 0.75% from the previous week. The total visible inventory was 37,916 tons, down 0.37% from the previous week [4]. - Net Position Ranking: The top 10 long - position holders in the Shanghai Silver futures of futures companies on the Shanghai Futures Exchange are led by Guotou Futures, and the top 10 short - position holders are led by Chezheng Futures [5]. 3.3 Platinum - Strategy: For conservative investors, it is recommended to wait and see; for aggressive investors, high - selling and low - buying are recommended. It is advisable to manage positions well and set strict stop - loss and take - profit levels [6]. - Prices: The closing price of the NYMEX platinum active contract was $2,113.20 per ounce, up 4.38% from the previous day but down 3.47% from the previous week. The London platinum price was $2,118.00 per ounce, up 1.97% from the previous day but down 0.66% from the previous week. The closing price of the platinum main contract on the Guangzhou Futures Exchange was 552.70 yuan per gram, up 3.73% from the previous day but down 1.75% from the previous week. The closing price of platinum on the Shanghai Gold Exchange was 548.93 yuan per gram, up 3.84% from the previous day but down 1.82% from the previous week [7]. - Positions and Inventories: The position of the NYMEX platinum active contract was 34,868 lots, down 6.76% from the previous day and 5.91% from the previous week. The total NYMEX platinum inventory was 19 tons, unchanged from the previous week [7]. 3.4 Palladium - Strategy: For conservative investors, it is recommended to wait and see; for aggressive investors, high - selling and low - buying are recommended. It is advisable to manage positions well and set strict stop - loss and take - profit levels [8]. - Prices: The closing price of the NYMEX palladium active contract was $1,620.50 per ounce, up 3.81% from the previous day but down 5.37% from the previous week. The London palladium price was $1,601.00 per ounce, down 3.04% from the previous day and 2.97% from the previous week. The closing price of the palladium main contract on the Guangzhou Futures Exchange was 407.75 yuan per gram, up 2.31% from the previous day but down 3.73% from the previous week [8]. - Positions and Inventories: The position of the NYMEX palladium active contract was 14,847 lots, up 0.89% from the previous day and 0.53% from the previous week. The total NYMEX palladium inventory was 8 tons, up 22.15% from the previous day and 19.79% from the previous week [8]. 3.5 Key Fundamental Data of Precious Metals - Monetary Attributes: The upper limit of the federal funds target rate was 3.75%, the discount rate was 3.75%, the interest rate on reserve balances (IORB) was 3.65%, and the Fed's total assets were $6,708.36 billion. M2 increased by 4.88% year - on - year. The ten - year US Treasury real yield was 2.64%, the US dollar index was 100.51, and the US Treasury yield spreads and interest rate differentials between the US and other countries showed certain changes [9]. - US Inflation: The year - on - year CPI was 2.40%, the month - on - month CPI was 0.50%, the year - on - year core CPI was 2.50%, the month - on - month core CPI was 0.40%, the year - on - year PCE price index was 2.83%, the year - on - year core PCE price index was 3.06%, the one - year inflation expectation of the University of Michigan was 3.80%, and the five - year inflation expectation was 3.20% [9]. - US Economic Growth: The annualized year - on - year GDP growth rate was 2.10%, the annualized quarter - on - quarter GDP growth rate was 0.70%, the unemployment rate was 4.40%, the monthly change in non - farm payrolls was - 92,000, the labor participation rate was 61.90%, the average hourly wage growth rate was 3.80%, and other labor market and economic indicators showed corresponding changes [9]. - US Real Estate Market: The NAHB housing market index was 38.00, existing home sales were 4.09 million units, new home sales were 480,000 units, and new home starts were 1.043 million units [9]. - US Consumption and Industry: Retail sales increased by 2.08% year - on - year and 0.03% month - on - month, personal consumption expenditure increased by 5.25% year - on - year and 0.38% month - on - month, the personal savings rate was 4.50%, the industrial production index increased by 1.44% year - on - year and 0.15% month - on - month, and other consumption and industrial indicators showed corresponding changes [11]. - US Trade: Exports increased by 9.68% year - on - year but decreased by 17.23% month - on - month, imports decreased by 26.33% year - on - year but increased by 2.30% month - on - month, and the trade deficit was - $54.5 billion [11]. - US Economic Surveys: The ISM manufacturing PMI index was 52.40, the ISM services PMI index was 56.10, the Markit manufacturing PMI index was 52.40, the Markit services PMI index was 51.10, the University of Michigan consumer confidence index was 53.30, the small business optimism index was 98.80, and the US investor confidence index was 7.20 [11]. - Central Bank Gold Reserves: China's gold reserves were 2,308.50 tons, the US's were 8,133.46 tons, and the world's total was 36,458.24 tons [11]. - IMF Foreign Exchange Reserves: The US dollar accounted for 56.32% of foreign exchange reserves, the euro accounted for 21.13%, and the RMB accounted for 2.12% [11]. - Gold to Foreign Exchange Reserves Ratio: China's ratio was 8.34%, and the US's was 81.98% [11]. - Safe - Haven and Commodity Attributes: The geopolitical risk index was 181.40, the VIX index was 30.61, the CRB commodity index was 371.29, and the offshore RMB exchange rate was 6.9215 [11]. 3.6 Fed's Latest Interest Rate Expectations The probability of different interest rate ranges at each Fed meeting from April 29, 2026, to December 8, 2027, is provided, showing the market's expectations of the Fed's interest rate decisions [13].